"Fortune" magazine first started dealing with Warren Buffett in 1966. At the time, the author was writing an investment article about Alfred Winslow Jones. Jones was not well-known at that time, but he was about to become famous all over the world because of this article. Jones was running what was known as a "hedge fund," and Fortune's description of the business and how Jones ran it sheds light on a mini-boom in the hedge fund industry. There is a sentence in this article that mentions Buffett's company Buffett Partnership Ltd., which is almost a competitor of Jones Fund. To my still shame, I misspelled Buffett's name, missing a "t."

Shortly afterwards, my husband John Loomis met Buffett and returned home and said: "I feel that I have met the smartest investor in the United States." I am sure that I was disdainful at that time. At a glance. Later, I got to know Buffett myself (along with his late first wife, Susie, a wonderful person) and realized just how remarkable this guy who was largely unknown at the time was. The Loomis family bought stock in Buffett's little company, Berkshire Hathaway; we became friends with the Buffett family; and later, I became his famous annual shareholder shareholder Pro bono editor of the open letter.

At the same time, "Fortune" magazine also began to report on Buffett for a long time. In a 1970 Fortune magazine report titled "Hard Times Come to the Hedge Funds," Buffett had two paragraphs and a photo—his fund was a special case, for 13 consecutive years. Earnings - By 1977, we were publishing a 7,000-word article written by Buffett, "How Inflation Swindles the Equity Investor."

Now, 46 years after our first encounter with Buffett in Fortune magazine, we have collected all the important articles written about Buffett over the years (and some less important articles), plus my comments, Published a book "Tap Dancing to Work". All of the articles mentioned above, starting with the investment piece on Alfred Winslow Jones, are included—and that's just the beginning. All in all, this book is a feast of Buffett coverage.

Attached to the back of the book are some wonderful excerpts from these reports and a selection of photos documenting those moments as Buffett grew into a great investor/manager/philanthropist. One thing is for sure: we are very excited to be a part of it.

The 1970s

This was the year he was working on closing his hedge fund.

January 1970: "Hedge Funds Encounter Hard Times"

"Buffett's investment record is extremely outstanding. In the 13 years of investment management...he has brought investors 24% compound annual return... (Today) Buffett is exiting the hedge fund industry"

May 1977: "How Inflation Defrauds Stock Investors of Money"

" It is entirely understandable that most *** officials are staunchly anti-inflation while staunchly supporting policies that produce inflation," Buffett wrote.

Epilogue: In 1966, when Fortune magazine first encountered Warren Buffett, the stock price of Berkshire (today’s Class A shares) was $22. In early November this year, the stock was trading at about $130,000.

The 1980s

August 22, 1983: "Letter from Chairman Buffett"

"The market is like God and will help those who Help yourself. But unlike God, the market will not forgive those who don't know what they are doing."

December 26, 1983: "Can You Beat the Stock Market? "

Buffett said that in investing, "you need to wait for the best time."

January 20, 1986: "The Nervous Acquisition Fee"

< p> "Buffett is very smart," recalls M&A guru Bruce Wasserstein. "Be careful not to be targeted by him."

September 29, 1986: "Should everything be left to future generations?" "

"Would anyone say that the best way to select Olympic champions is to select the children of those who won the championship 20 years ago? If social competition proceeds like this, (that) is crazy.

"

December 7, 1987: "Early Fears about Index Futures"

"We don't need more people to participate in what the U.S. stock market has long considered a dispensable tool. , brokerages should not encourage people to participate in such investments... We need to allocate investment capital wisely, not leveraged market bets. "

April 11, 1988: "Inside Buffett"

"When a reputable manager takes over a company with poor fundamentals, the company's reputation remains intact. , there are few exceptions to this. "

October 30, 1989: "Who will be the new Buffett?"

"You don't need a rocket scientist. Investing is not a game where an IQ of 160 beats an IQ of 130... When everyone else is making decisions out of short-term greed or fear, rationality is crucial. This is when money is made. "

The 1990s

April 22, 1991: "Warren Buffett Buys Junk Bonds"

"There are many things I hope I can have in the future. See clearly. But when it comes to investment decisions, I don't think hindsight is useful. Only action pays off. "

January 10, 1994: "Now, Hear This"

"Paul Moser paid $30,000 and was sentenced to four months in prison. Salomon shareholders (including me) paid $290 million and I was sentenced to serve as CEO for 10 months. ”

March 20, 1995: “Untangling the Trouble with Derivatives”

Buffett said that if he wants to deal with derivatives, he will require every CEO to confirm it in the annual report Understand each derivative product the company participates in. (Inspirational article sun) "Write this. 'Buffett said, 'I think you can solve every problem that exists. '"

February 5, 1996: "Warren Buffett's Investment Tips"

"You should invest in businesses that even a fool can run, because one day a fool will come. run it. ”

October 27, 1997: “Buffett turns the tide in Solomon”

Review of the Solomon crisis: When Buffett became interim chairman, a reporter asked him how to handle it well Split between New York and Omaha, he responded: "My mother sewed my name on my underwear, and it was fine. "

July 20, 1998: "The Gates and Buffett Show"

"In most acquisitions, it is better to be the target than the acquirer. After the acquirer pays, he has to drag the captured prey back to his lair. "

November 22, 1999: "Buffett Talks about the Stock Market"

"I think it is difficult to make a strong argument that the stock market performance in the next 17 years will be any different from the past 17 years. A resemblance - any resemblance. If one had to pick a most likely rate of return, taking into account dividends and appreciation, investors overall...would earn...a 6% rate of return. "

The 2000s

February 19, 2001: "The Value Machine"

"(Berkshire) reminds me of Disney movies Mickey Mouse as the Sorcerer's Apprentice in "Fantasia". His problem was too much water. Our problem is too much cash. "

December 10, 2001: "Buffett Talks about the Stock Market"

"Due to my personal taste preference, I will still buy hamburgers in my life. When the price of hamburgers dropped, we sang the Hallelujah Chorus at home. We shed tears when the price of hamburgers goes up. This is the same as the daily necessities that most people buy - except stocks. When stocks go down you can buy more for the same money, but people don't like them anymore. "

November 11, 2002; "The Oracle of Everything"

"The bubble has burst, but the stock price is still not cheap..."

2003 March 17, 2017: "Avoiding Super Catastrophe"

"Derivatives are weapons of mass destruction in the financial world. Although they are currently hidden, once they break out, they may be fatal. "

March 11, 2005: "The Best Advice I Ever Got"

"At the end of 1950, I had $9,800, and by 1956 I had $150,000. I thought that with this money, I could live like a king. "

July 10, 2006: "Why Buffett donated his wealth"

"I know what I want to do, and it makes sense to start doing it now. "

April 28, 2008: "What Buffett thinks"

"Everyone seems to be saying (this recession) will be short and shallow, but it looks like it will be Quite the opposite. You know, deleveraging inherently takes a lot of time and a lot of pain.

"

June 23, 2008: "Buffett's Big Bet"

"There are a lot of smart people running hedge funds. But to a large extent, their efforts are in vain, and their IQs are not worth the management fees they charge investors. On average, investors who invest in just one low-cost index fund over a longer period of time are likely to have higher returns than those who invest in several funds. "

July 6, 2010: "My Philanthropic Commitment"

"My wealth comes from a coincidence: I live in the United States, have some lucky genes and Compound interest... (Being) a white male also shields me from the formidable obstacles that face most Americans...the fickleness and fickleness of fate.

”